Titan to acquire majority stake in Dubai-based jewellery retailer Damas

Business Standard

21-07-2025

Titan Company, through its wholly owned subsidiary Titan Holdings International, has signed an agreement to acquire a 67 per cent stake in Dubai-based Damas LLC from Mannai Corporation in an all-cash deal valued at AED 1,038 million (Rs 2,439 crore), the company said in a stock exchange filing.
Damas LLC is the holding company for Damas' jewellery business in GCC (Gulf Cooperation Council) countries.
The current Graff Monobrand Franchise business of Damas LLC will be discontinued before the completion of the proposed transaction.
Post-restructuring, Signature Jewellery Holding will become the holding company for Damas, and all entities under Damas LLC (UAE) will become step-down subsidiaries of Signature Jewellery Holding, the filing added.
The proposed transaction is expected to be completed on or before 31 January 2026, subject to certain conditions precedent, customary closing adjustments, and approvals from anti-trust and other regulatory authorities in certain jurisdictions. The transaction is expected to be financed through a combination of debt, cash balances, and internal accruals.
'The proposed transaction is strategically significant for Titan's jewellery business as it will facilitate expansion across the six GCC countries of UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain,' Titan said in its release. The company added that the region is exhibiting robust economic growth, creating demand for differentiated, high-quality offerings rooted in Arabian aesthetics and appealing to sophisticated clientele seeking unique, culturally resonant designs.
Post-completion of the acquisition, Titan Holdings will have the option to acquire the remaining 33 per cent stake from Mannai after December 31, 2029, subject to conditions agreed upon in the definitive agreement.
CK Venkataraman, Managing Director of Titan, said in the release, 'After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery presence is moving to the next stage. With the Damas acquisition, Titan Company is expanding from its diaspora focus to other nationalities and ethnicities.'
He added that Damas is a prestigious brand revered in the GCC markets for its product innovation, quality, and customer experience. "The brand's rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses," Venkataraman said.
'The acquisition not only creates a significant new global opportunity for Titan but also enhances Titan's overall position in the jewellery market in the GCC countries, bringing multiple synergy benefits in talent, retail networks, and supply chain. We are happy to welcome Damas into the Titan family and look forward to building on Damas' rich heritage while driving the brand's sustainable growth journey, together with Mannai Corporation,' Venkataraman added.
Damas Jewellery, founded in 1907 and headquartered in Dubai, UAE, is a premier jewellery retailer in the Middle East with a network of 146 stores.
Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, said in the release, 'Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come to invest in the next phase of its expansion in the region.'
'We are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewellery, innovative design, and dedicated customer service. We are confident that the combination of Damas powered by Titan will drive Damas into the next chapter of its growth trajectory in the GCC,' Grewal said.
He added that Mannai will continue to own a majority stake in Damas for the next four years as growth plans for Damas are taken forward.
'It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses, in addition to reducing the group's debt,' he said.